Siberbank opens its trading company in Zug, Switzerland as a step in expanding its presence in commodities markets. Sber Trading Swiss AG will turn into the main hub of the bank’s international physical commodity trading.
The opening of the new office is an essential addition to the existing physical Commodity trading infrastructure in precious metals (PAO Sberbank) and the local physical trading house (OOO SB Commodities Trading).
Sber Trading Swiss AG’s focus will be on international physical commodity trading in oil and oil products, coal, base metals, bulk and agriculture products. The strategy is based on the existing customer relationship between Sberbank and commodity producers and consumers in Russia and the CIS. Through Sber Trading Swiss AG, the Sberbank Group will be able to scale up and diversify its presence in physical commodities market.
Sber Trading Swiss AG offers the following products:
International purchase and sale of physical commodities such as storages transportation and distribution;
International commodity financing through prepayment and deferred payment structures;
Monetization of reserves (Commodity REPO) for oil and crude oil products, base metals, bulk and agricultural products.
Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank, commented:
Anatoly Popov
By opening our own International trading company, we have moved to a new level in physical commodity trading. We expect Sber Trading Swiss AG to strengthen our position as one of the largest providers of solutions for our clients in international and local commodity trading, structural financing and strategic hedging. The company will focus on international trading in oil and oil products, coal, base metals, bulk and agricultural products. We are planning to work primarily with the Sberbank clients, producers and consumers of raw materials in Russia and the CIS countries, and expect the first transactions to be conducted in the third quarter of this year.
Denis Lunin will head Sber Trading Swiss AG as the CEO of the company. Lunin was previously lead physical commodities and fixed income business development in a number of Russian and international banks.
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